Why You Should Keep Your Pension Scheme Administrator Updated

Your pension scheme administrator is responsible for administering your pension savings, primarily investing your contributions and ensuring your benefits are paid correctly when the time comes.

You may be many years away from accessing your pension which can make it easy to overlook updating your details when life changes occur. The irony is, your pension is likely one of your biggest assets and keeping the administrator updated is extremely important.

When something in life changes (address, marriage, children, email address….), advising your pension administrator will help to avoid delays, ensure smooth communication and most importantly, protect your benefits.

So, what should you keep your pension administrator informed of – and why?

Change of Address / Email Address

Your administrator needs your current address and email so they can keep you informed with statements, valuations and important updates as well as to help verify your identity when it comes to taking benefits. It also helps ensure you don’t lose track of older pensions you may have forgotten about from decades previously – this happens more often than you would think!

• Change of Name: Whether through marriage, divorce, or deed poll, your administrator must have your correct legal name to verify your identity when your benefits become payable, if you wish to make changes to contributions, or transfer another pension in.
• Expression of Wishes Updates: Your personal circumstances can change significantly over the years - new partners, children, or other dependants. Updating your expression of wishes ensures your preference for who your pension benefits should go to are documented for the trustees, should anything happen to you.
• New Investment Adviser: If you appoint a new financial adviser, your administrator needs to know so they can share information appropriately and ensure your adviser has authority to help you make informed decisions.
• Top-Up Contributions: If you plan to make additional contributions to your pension, let your administrator know in advance. Without notice, they may receive funds they cannot immediately allocate correctly.

Keeping your information up to date means that when you eventually access your pension -whether as a lump sum, drawdown, or a combination, the process will be quicker, easier, and free from unnecessary complications.

Add your pension administrator to the list of organisations to update whenever your details change. Staying on top of it now will save time, hassle, and paperwork many years down the line – and will ensure you don’t have to dig out that marriage certificate from 30 years’ previously!